What full employment really means

[McFurd]

The Economist - 1/29/2017 - In 1977 America's government gave the Federal Reserve what seems like a straightforward goal: maximum employment. Janet Yellen, the current chairman of the Fed, thinks America is pretty close; at 4.7%, the unemployment rate is quite low by historical standards. But firms continue to hire, and American adults, of whom only about 69% have a job, seem less than maximally employed. Most governments set themselves or their central banks a guideline of full or maximum employment. But what exactly counts as full? Read more @ http://www.economist.com/blogs/economis ... xplains-19